We’ve seen a lot of talk about “flippening” in the last year.. For several months, if you followed r/Ethereum, r/ETHTrader, it seemed inevitable that Ethereum would overtake Bitcoin, the most popular crypto in the cryptocurrency market.. At the same time, can the Ethereum project surpass Bitcoin? The question was also raised. The general opinion of both forums was that the sooner the better.
However, the change in the prices of these two digital assets over the course of a few months began to tell a different story.. Ethereum dropped from about $1,390 to about $385. Reaching an all-time high price, Ethereum was about 3.6 times today’s price. Meanwhile, Bitcoin has dropped from $19,974, the highest price it has reached these days, to around $6,930.. This high price seems to be about 2.88 times more than today’s price. These numbers show that people are losing their trust in Ethereum more than they are in Bitcoin.
Is a flippening still possible with the Ethereum project?
All cryptocurrencies last year When comparing the speculative movements against the units, it is useful to remember that this is just a speculation frenzy.. Both Bitcoin and Ethereum have made some technological improvements and gained greater acceptance in both digital assets.. It is also worth noting that the price increases in both protocols are not due to any fundamental change.
Of course, the partial resolution of the scaling debate in Bitcoin led to the price increase, which more reflects the utility of the asset.. However, according to researchers at Bitmex, the SegWit update last summer quickly resulted in a 41 percent freefall for users using the switch.. While the decline continues as more users and institutional units (like Coinbase) accept fees, it does not guarantee Bitcoin’s price increase from $2,700 to close to $20,000.. In short, much of the money entering the market in the latter part of 2017 appears to have come from people who want to make easy money, not because of technology or its effects. was evident. This is most likely because those who felt they missed the opportunity in Bitcoin thought they had a second chance at dazzling gains.. In addition, this rise was supported by ICO investors and contributors.. However, the Ethereum project has no foundation to believe in as Bitcoin and is subject to ICO scams that are under legal scrutiny along with many contributors, greatly reducing the ETH buying pressure.. This resulted in companies cashing in large numbers of Ether, both legitimate and corrupt.. Transactions with equal or no more purchases, therefore, brought prices down quickly.
Both cryptocurrencies have different purposes
Of course, the current selling reasons in Ether, Bitcoin Although more than for. However, it seems like a remote possibility at the moment.
Considering such a possibility, it is useful to remember that both projects have very different purposes.. The Ethereum project aims to be a kind of decentralized supercomputer for applications to work on.. Meanwhile, Bitcoin is just digital cash or gold. The market will eventually decide that one of these use cases is more valuable than the other.. It may also indicate that one of Ethereum’s competitors serves a better purpose than the current market leader for decentralized application creation.
The truth is, with these radically different use cases, each project faces its own set of hurdles. across. The most obvious of these are currently competition and technological limitations.. Therefore, stating a price target for either Ether or Bitcoin seems like nonsense.. Given both projects have great potential, but it looks like they are no more than their current potential at the moment. The withdrawal of the get-rich-quick crowd from the market in 2018 will result in a change in current cryptocurrency buy and sell orders.. In addition, this customer profile change will cause real growth to begin.. Remember, there are no guarantees in this market. At least, there can be no guarantee in the name of “flippening”.